New Zealand’s ANZ Business Outlook Index eased to 59.2 in February 2026 from 64.1 in the prior month, the lowest since last October, though sentiment remained solidly positive. Forward indicators softened, including export intentions (19.0 vs 20.4 in January), profit expectations (31.8 vs 32.9), pricing intentions (53.3 vs 56.5), and investment intentions (24.8 vs 28.3). Cost pressures intensified (79.4 vs 77.8), while credit availability fell sharply (7.5 vs 16.3). Employment intentions were broadly steady (22.3 vs 22.4), and wage growth expectations edged up (3.01% vs 2.82%). Firms’ own activity outlook was little changed (52.6 (51.6), while past activity weakened (23.4 vs 26.2). Inflation expectations rose to 2.93% from 2.77%, the highest since April 2024. Sector data were mixed, with residential construction intentions easing markedly (41.4 vs 58.8), while commercial construction remained subdued (45.6 vs 44.7).